Dangerous to Not Own Bitcoin at This Point

Read today’s blog post on why it’s potentially dangerous not to be holding any Bitcoin at this point in time: https://plus.google.com/+DavidSeamanUS/posts/2mDZT81nkDk New to Bitcoin? I use and recommend Coinbase for buying some bitcoins quickly with a credit card or bank account: https://www.coinbase.com/join/davidseaman

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For entertainment purposes only. Not financial advice. No warranties or guarantees provided; Bitcoin is volatile and can lose or gain in value quickly. Choose a strong password when storing your Bitcoin and make back-ups to reduce the risk of loss or theft.

8 COMMENTS

CONbase (and friends) do horrific KYC/AML and there are plenty of horror stories to be told about Coinbase itself. A friend of mine (against my advice) tried to use Conbase and it was an ultra-shitty experience. They held his transaction for over a week. It was like pulling teeth trying to get just 500 bucks out of the god damn "service". Yes, I get it, Circle, Coinbase, etc. are all temporary (and perhaps necessary) evils that will evaporate once the masses learn how to properly acquire, transact, and secure their own Bitcoins. The equation is very simple: 1. People discover they don't actually need these corporate monstrosities. 2. People stop using them.﻿

+ChangeTip $1 dollar.LOL! Dude, the people who give you crap about bitcoin, like this +OneLove Life joker will continue to do so until they can't deny that they were dead wrong. They won't ever admit that they were wrong however. They'll just deny ever being negative on bitcoin. That's all the satisfaction you'll ever get. It's smarter however to just not give a rat's ass what they think. Don't get me wrong though. I do own thousands of dollars worth of bitcoin but I'm not 100% certain that bitcoin is going to make it. I'm more like 98% certain. And due to that remaining doubt, I've chosen to divide my surplus monthly income between bitcoin and good old fashioned clinking metallic silver. After I've done all my spending for the month I generally have a good sized surplus left over so I buy about 600 in silver and 8 or 900 in bitcoin. I end up spending about 300 a month worth of bitcoin so that leaves about 600 for my encrypted, password protected paper wallets. I keep some of my bitcoins as easily traced, direct from coinbase paper wallets so I can claim the lower long term capital tax rate when I eventually buy something with them but I also keep some stored in more obscure places just in case I need some degree of financial anonymity someday.﻿

Bitcoin is a powerful, useful tool but not an investment nor a suitable replacement currency. You've already learned why, volatility. You'd get further educating and building the value of being able to transact outside the systems for that is it's most viable purpose. It seems your bias is your own ROI.

It's 'ok' to have a coin for certain purposes, it's absolutely foolish to 'invest' or bet the farm on it in hopes of wealth accumulation.

Beyond the volatility issue.Simply put on the outlook, if the mindless masses ever are suddenly betrayed by loss of fiat paper, they're not going to turn to an intangible crypto they can't touch see or understand that is not backed by any law or government.

The value behind BTC is hot air and will always be hot air. It will never be a solid store of wealth. The speculators are the Achilles heel of BTC.

It is a tool as an alternative payment system. It is not an investment. It is not money. It is a tool. That's it.